ben uris is single, has taxable income of $23,500, and his employer deducted $3,640 in withholding taxes…

ben uris is single, has taxable income of $23,500, and his employer deducted $3,640 in withholding taxes. find bens tax due and any refund or amount owed.

ben uris is single, has taxable income of $23,500, and his employer deducted $3,640 in withholding taxes. find bens tax due and any refund or amount owed.

Answer

Explanation:

Step1: Determine tax rate for single - filer

Assume we are using a simple tax - rate schedule for illustration. For a single filer with a taxable income of $23,500, let's assume the tax rate is 12% (this is a simplified example, actual tax rates may vary based on the tax year and specific tax brackets). Tax due = Taxable income×Tax rate Tax due = $23,500×0.12$

Step2: Calculate the tax due

$23,500×0.12 = 2820$

Step3: Determine refund or amount owed

Refund/Amount owed=Withholding taxes - Tax due Refund/Amount owed = $3640 - 2820$

Answer:

The tax due is $2820. The refund is $820.